Castings & Forgings industry
28 companies · ₹80,985 cr · 6 with AI deep dives · Q1FY27 report
Broadest revenue breadth in eight quarters, but freight and RM shocks fracture the margin recovery
- Revenue YoY
- +14.4%
- EBITDA margin
- 23.4%
- -150bps YoY
- Price, 1 year
- +44.5%
- 82% of names up
- P/E vs own 5y
- +36.1%
- 36.3x now
Exhibit 1The quarter in numbers
constant panel of 9 companies above ₹500 cr- Jun 26
- 2,601 cr
- Mar 26
- 2,694 cr
- QoQ
- -3.5%
- Jun 25
- 2,274 cr
- YoY
- +14.4%
- Peak
- 2,694 cr
- vs peak
- -3.5%
- Jun 26
- 23.4%
- Mar 26
- 24.0%
- QoQ
- -60bps
- Jun 25
- 24.9%
- YoY
- -150bps
- Peak
- 24.9%
- vs peak
- -150bps
Breadth: 89% of 9 companies grew revenue year on year (was 67% a quarter earlier) and 44% expanded margin (was 33%).
Exhibit 2What it costs
27.42x - 76.57x across the panel todayThe median name trades at 36.3x, +36.1% against this industry's own 5-year median of 26.7x, and -9.1% against its own peak of 40.0x.
Exhibit 3Structure
₹80,985 crAIA Engineering Ltd is 48% of this industry by market cap. The top 5 are 90.7% and the top 10 are 96.6%.
Exhibit 4Screen
P/E below the sub-industry median of 36.34x, 5y ROCE above its median of 16.25%, and at least 2 growth triggers stated on the latest earnings call.
Which names clear this screen is premium
The screen runs on stated growth triggers from the latest earnings calls - the same guidance data the stock screener reserves for premium. Premium names every company in this industry that is cheap against its own median and has the triggers behind it.
See plans →Exhibit 5Coverage (25 of 28)
Every company here with a deep dive, topped up by market cap. The rest of the industry is in the appendix.
- Mcap
- ₹1,408 cr
- P/E
- 96.5x
- EV/EBITDA
- 46.8x
- ROCE
- 17.8%
- Margin
- 18.3%
- Rev YoY
- +18.9%
Exhibit 6What managements said
from this industry's latest earnings calls · as of 2026-06-30Five managements cited geopolitical shipping disruptions as a Q1 FY27 headwind. Effects ranged from delayed export revenue recognition (Happy Forgings: ~1 month of deliveries…
- AIAENG: “Freight is around $8,000 to $9,000 a container currently... The war has been extended…”
Exhibit 7Outlook
The outlook and what resolves next quarter
Where these managements said things are heading, and the dated, checkable events that would change it. Free with an account - 3 full reports a quarter.
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